Important Facts
- Growing Prevalence: With the increasing digitalization of banking and financial services, KYC scams are becoming more common, especially as more individuals use online banking, digital wallets, and mobile payment platforms.
- Targeting the Vulnerable: Elderly individuals or those who are less tech-savvy are often targeted by scammers, as they may be more likely to trust unsolicited communications and are less likely to question suspicious requests.
- Use of Social Engineering: KYC fraud often involves a high degree of social engineering, with scammers manipulating victims into believing they are dealing with legitimate institutions or officials.
- Rapidly Changing Tactics: As awareness of KYC fraud grows, criminals continually adapt their tactics, creating more convincing fake websites and using advanced technology to deceive victims.
- Legal Ramifications: Many banks and institutions will never ask for sensitive information like PIN codes, passwords, or OTPs via email or phone. They will only ask for personal details through secure portals or authorized in-person verification.